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Retirement and pensions

The pension rules are changing. The need to plan for the future has not.

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Pension changes

The last of the pre 2014 Budget pension changes came into effect on 6 April 2014. There are a raft of new measures introduced for 2014/15 and also further changes due to be introduced in April 2015.
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Qualifying for a state pension

The Coalition Government has changed the age rules for qualification for the state pension. Currently the state pension age is between 60 and 65 for women and 65 for men. The changes mean that retirement age for women will be equalised with that for men at 65 by 2018 and both will increase to 66 from 2020, to 67 from 2026/28 and to 68 by the mid 2030s.
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Planning for retirement

For many people their retirement plans have been devastated by various falls in stock markets, low annuity rates and the lack of growth in the buy-to-let marketplace. How will the removal of the requirement to buy an annuity affect you? Many may question what chance there is of a 'comfortable retirement'?
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Pension premiums

There are limits that may be contributed to a registered pension scheme without incurring a tax charge. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.
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Pension contributions and tax relief

There are limits on how much can be invested in a pension scheme before a tax charge is payable.
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Pension credit

Details of pension credits for the current year.
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Stakeholder pensions

Stakeholder pension schemes are low-cost pensions meant for people without existing private pension arrangements. They were originally targeted at people who earn more than £10,000 a year and who cannot join an occupational pension scheme. They have, however, turned out to have much broader appeal.
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State pension deferral

State pension deferral is the right to defer entitlement to the state pension. In return for deferring the pensioner may receive either: 1. A lump sum accrues with interest added to the deferred entitlement at a rate normally of 2% over bank base rate. Therefore the deferral claim cannot accurately be evaluated in advance. Examples of the potential lump sum entitlement are shown in our tax rates. 2. An increased pension to the value of an additional 10.4% for each year deferred of the pension when drawn.
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